Venturi Wealth Management LLC Sells 8,377 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Venturi Wealth Management LLC reduced its stake in Microchip Technology by 66.1%, owning 4,291 shares worth $208,000 after selling 8,377 shares in the first quarter.
• Corporate insiders, including the CFO and a director, have recently sold shares, indicating a decrease in their ownership positions by 5.55% and 12.47%, respectively.
• Microchip Technology reported a net revenue decline of 26.8% year-over-year while exceeding earnings expectations with $0.11 EPS compared to analyst forecasts of $0.10 EPS.

Venturi Wealth Management LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 66.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,291 shares of the semiconductor company's stock after selling 8,377 shares during the period. Venturi Wealth Management LLC's holdings in Microchip Technology were worth $208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Oak Thistle LLC acquired a new position in Microchip Technology during the 1st quarter worth approximately $1,811,000. KLP Kapitalforvaltning AS lifted its position in Microchip Technology by 1.7% during the 1st quarter. KLP Kapitalforvaltning AS now owns 181,280 shares of the semiconductor company's stock worth $8,776,000 after acquiring an additional 3,000 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Microchip Technology by 11.6% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 470,426 shares of the semiconductor company's stock worth $22,773,000 after acquiring an additional 48,895 shares in the last quarter. GW&K Investment Management LLC increased its holdings in Microchip Technology by 161.0% during the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock worth $45,000 after purchasing an additional 578 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Microchip Technology by 4.1% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 41,384 shares of the semiconductor company's stock worth $2,003,000 after purchasing an additional 1,626 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup lifted their price objective on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, July 7th. TD Cowen boosted their price target on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Susquehanna boosted their price target on Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Finally, Evercore ISI boosted their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $75.70.

Microchip Technology Stock Up 2.1%

Shares of NASDAQ MCHP traded up $1.40 during mid-day trading on Friday, reaching $69.21. 8,352,945 shares of the company traded hands, compared to its average volume of 7,450,901. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The stock has a market cap of $37.35 billion, a PE ratio of -6,921.00, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The company's fifty day moving average is $67.83 and its two-hundred day moving average is $57.38. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $89.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director directly owned 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.